Business

Philippines raises $1.5-B from global bond sale

MANILA, Philippines — The Philippines raised $1.5 billion of debt from the sale of 10-year global bonds, the Bureau of the Treasury reported Tuesday, marking the first such issue from an emerging market this year.

National Treasurer Rosalia de Leon said the offering, which fetched a 3.75 percent coupon rate, “demonstrates strong conviction from the global investor community” on the Philippines’ economic fundamentals.

“We have garnered strong support from the global fixed income investor community despite recently heightened volatilities in the global markets,” De Leon said in a statement.

“This transaction further illustrates deepening investor confidence in the Philippines’ growth story and the Duterte administration’s ability to maintain fiscal discipline while spending big on infrastructure modernization, human capital development and social protection for the poor,” Finance Secretary Carlos Dominguez III said.